Astute Strategically Optimizes Its Lithium Project Portfolio in Nevada, USA

Astute Metals NL has announced the completion of a strategic review of its Nevada Lithium assets, prompted by promising exploration results from its Red Mountain Lithium Project in Nevada, USA.

While the Polaris and Altair Lithium Projects showed promising but generally low-grade lithium results, these findings are located beneath substantial layers of gravel overburden, complicating extraction efforts. In contrast, the recent discovery at the Red Mountain Project stands out due to its high-grade lithium mineralization, which is accessible from the surface. This significant finding positions Red Mountain as a rapidly emerging and noteworthy discovery within North America’s lithium landscape. The surface-accessible, high-grade mineralization at Red Mountain is expected to drive considerable interest and potential value, differentiating it from other projects with more challenging extraction conditions.

Also, Cobre Project, located in north-eastern Nevada, is recognized for its strong potential as a major lithium clay project. The Company is actively pursuing opportunities to expand the project area, aiming to enhance its economic viability and overall impact. In light of these developments, the decision has been made to relinquish the Polaris and Altair Projects. This strategic shift enables the Company to reallocate its resources and efforts toward projects with the highest potential for delivering shareholder value. By focusing on more promising ventures like Cobre, the Company aims to optimize its exploration portfolio and drive future growth and profitability.

Astute Chairman Tony Leibowitz emphasized the importance of regularly assessing exploration assets to ensure that shareholder capital is invested in the most promising projects. By optimizing the North American lithium portfolio, Astute aims to redirect focus and resources towards the Red Mountain Project, which has demonstrated substantial scale and grade potential. This project is poised to emerge as a significant player in the North American battery metals market, representing a strategic opportunity to enhance the company's position in the evolving lithium sector. Leibowitz’s comments underline the company's commitment to high-value ventures that align with future industry trends and demands.

This review aimed to optimize the Company’s exploration portfolio, ensuring a concentrated focus on projects with the highest potential to generate value for shareholders. Nevada Lithium is advancing its exploration portfolio with the Red Mountain, Altair, and Polaris projects, strategically positioned adjacent to significant claystone-hosted lithium deposits held by American Lithium Corporation and American Battery Technology Corporation. These neighboring deposits, containing substantial lithium resources, share geological similarities with Astute's projects, indicating high potential for hosting substantial lithium mineralization beneath shallow cover.